Support our war crimes investigations unit Support
Skip to content

News Feed

4:27 PM
In a comment for Suspilne news outlet, Ukraine's military intelligence spokesperson Andrii Yusov responded to reports on the alleged use of Western-made weapons by Russian anti-Kremlin militia fighting on Ukraine's side. He said such questions should be addressed to the Russian Volunteer Corps and the Freedom of Russia Legion as they "operate autonomously" on Russian territory.
Want to partner with the Kyiv Independent?
Contact the Tellers Agency to connect your brand with independent media.
Contact
3:02 PM
Spy squads from Russia's Federal Security Service (FSB) have arrived in the Russian-occupied city of Melitopol in Ukraine's Zaporizhzhia Oblast to search for pro-Ukrainian residents, exiled Mayor Ivan Fedorov reported on June 5.
2:56 PM
A study published by the NGO GLOBSEC in late May shows that despite the Hungarian government's history of repeated anti-Ukrainian statements, 90% of Hungarians believe that it is necessary to continue supporting Ukrainian refugees amid Russia's full-scale war.
Ukraine Daily
News from
Ukraine in your
inbox
2:09 PM
Russian troops hit an enterprise in Ukraine's southern city of Kherson on June 5, killing a 55-year-old security guard, reported Governor Oleksandr Prokudin. A 47-year-old woman was injured earlier as a result of an overnight Russian attack on Kherson, and two more civilians were wounded in a Russian air strike on Beryslav.
1:04 PM
Belgium will ask Kyiv for clarifications on reports that Russian anti-Kremlin militias had allegedly used Belgian-made weapons provided to Ukraine during the Belgorod incursion, Belgian Prime Minister Alexander De Croo said, as reported by Reuters on June 5.
MORE NEWS

watch us on facebook

Edit post

Reuters: European Central Bank pushing Raiffeisen to exit Russian market

by The Kyiv Independent news desk March 24, 2023 12:04 PM 1 min read
The logo of Raiffeisen Bank International (RBI) is pictured above the entrance of the bank's headquarters building on Feb. 1, 2023 in Vienna, Austria. (Photo by Heinz-Peter Bader/Getty Images)
This audio is created with AI assistance

The European Central Bank is pushing Austrian bank Raiffeisen to exit the Russian market, Reuters reported on March 24.

Raiffeisen is reportedly being urged by the European Central Bank to devise an exit strategy for winding down its operations in Russia, according to five anonymous sources cited by Reuters. This exit strategycan entail the disposal or shutdown of Raiffeisen's Russian branch of operations.

A Raiffeisen spokesperson told Reuters that the bank was "expediting" its assessment of future business prospects in Russia. Additionally, some Austrian officials see the European Central Bank's push as "unwarranted foreign meddling," Reuters said.

On Feb. 18, Reuters reported that the U.S. Office of Foreign Assets Control (OFAC) was investigating Raiffeisen for its activities in Russia.

Representatives from the bank confirmed to Reuters that the OFAC had contacted it in January 2023 to seek clarification on its payments business and related processes, in light of the ongoing war in Ukraine.

The OFAC requested a reply by February 2023 but the bank's lawyers have negotiated a push back, with information tranches to be sent in early April, May, and June.

The bank said in its statement to Reuters that it is cooperating fully with the OFAC.

As Austria's second-largest bank lender, Raiffeisen plays a significant role in Russia's financial system, and is one of only two foreign banks classified as "systemically important" by the Russian central bank.

This underscores the bank's importance to the Russian economy, particularly in the face of extensive Western sanctions. Despite the full-scale invasion of Ukraine in February 2022, Raiffeisen has continued to operate in Russia.

In 2022, the bank generated a net profit of 3.8 billion euros, with 2 billion euros of that coming from Russia alone. Russians have entrusted more than 20 billion euros to the bank.

Support independent journalism in Ukraine. Join us in this fight.
Freedom can be costly. Both Ukraine and its journalists are paying a high price for their independence. Support independent journalism in its darkest hour. Support from as little as $1, and it only takes a minute.
visa masterCard americanExpress

Editors' Picks

Support us

Enter your email to subscribe

Please, enter correct email address

Subscribe

* indicates required
* indicates required

Subscribe

* indicates required
* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.